Can declaring bankruptcy avoid property seizure from sarfaes

first private bank which bank ? regarding property in question ,is it an aquired one or it is a family property

ICICI Bank.

The property is in name of my Mother.

Know the meaning of Sarfaesi,it is for the bank to show their legal rights over the mortgaged property.

Hi Assumi,

I know the sarfaesi act. and court has given immense powers to the bank to execute them. I only need an advice, what can be done to avoid property seizure. Thanks for your help. 

That is why look to the domentations showing the rights of the banks which are  in the hands of the banks to take over your mortgaged property under the act.

if the property is in the name of mother and how many bros and sisters are there to you and is it ancestral property or acquired by mother or your father please give details further

Hi Subodh,

We are only two brothers. This property was bought by my father on my mothers name. my father is not in this world now.

As action is under SARFESAI act,propoerty must have been mortgaged to bank. It does not matter whether it is ancestral or who are the heirs, etc. 

Bankruptcy /Insolvency willnot help you. 

Alternative remedy is go for compromise/settlement with bank.

hello mr rahul,

the point now with you is that you are two brothers and your mother who share the property so as per partition suits which shall be in the civil court for declaration of 1/3rd share for each so the bank now will have only rights on 1/3 rd share of your brothers part of property only you must see that have all of you have signed the documents also when have you got notice under section 13(2) the date of reciept you have to file also reply to the bank about the objections . also inform the purpouse of the loan taken for

subodhkumar     e mail : daxkumar_123@rediffmail.com

Hi Subodh,

Thanks for your guidance. What documents are you referreing to when you say "that have all of you have signed the documents"? and can i file for partition of property even tough the property papers are in bank?

Thanks

Rahul.

mr rahul the mortgage deed signed by how many members of your family, you can still file the partition and declaration suit even if the documents are with bank also file objection with the bank what was the purpouse of the loan mention clearly send details by email

subodhkumar